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Australia set for wave of new subscription TV in early 2015

Foxtel and Seven West Media are teaming up to launch a new subscription TV service for Aussie viewers.

The two television giants announced today they were combining to launch a new video on-demand service in the New Year called Presto Entertainment, where subscribers will be able to access TV shows from both Channel 7 and Foxtel.

They're the latest companies to cash in, their announcement coming just weeks after Fairfax Media and Nine Entertainment Company confirmed they were joining forces to launch on-demand streaming media platform, Stan.

But they're not the only two players entering the market, with US subscription sensation Netflix confirming plans to hit our shores in March.

"You're going to see lots of marketing from all three players as they fight for market share," Nic Christianson from Mumbrella told A Current Affair. "The question really is, is the market big enough for three players?"

The different number of streaming services will mean Australians will have to sign up to multiple services to access all the shows they want to.

So far, Stan has managed to lock in Breaking Bad as well as exclusive Australian rights to its upcoming spin-off Better Call Saul.

Netflix is just one of three new subscription TV services to launch in Australia next year. (A Current Affair)

No TV shows have officially been announced for Presto Entertainment, but it will feature "a broad range of locally commissioned and internationally acquired content including drama, comedy, factual and entertainment programming."

Presto's TV content will be a separate subscription from the existing Presto Movies package.

Pricing has not yet been confirmed, but with no lock-in contracts and a monthly fee of around $9.99 for its rival Stan, a similar price range is expected of Presto.